The severity of the cost-of-living crunch was highlighted by the UK's consumer price inflation reaching a 40-year high of 9.1% last month, the highest rate among the G7 nations.

The reading, which increased from 9.0 percent in April, was in line with the opinion of analysts surveyed by Reuters. May's inflation was the biggest since March 1982, according to historical data from the Office for National Statistics, and it's expected to become worse.

Rising inflation is making it more difficult for the Bank of England to do its job and increasing pressure on policymakers to reduce the burden on households, according to Yael Selfin, chief economist at KPMG UK.

Before to reaching a peak of just above 11 percent in October, when regulated household energy rates are scheduled to climb once more, the Bank of England predicted last week that inflation will likely remain above 9 percent during the upcoming months.

Finance Minister Rishi Sunak responded to the information by saying that the British government is doing everything it can to stop a rise in prices.